How can brand equity be enhanced

There are several ways you can do this:. Word of mouth, positive customer experience and targeted marketing all help you develop greater brand awareness. There are two things to bear in mind here: how well your product meets the needs of customers and its social and psychological aspects. A company that produces a useful product, and genuinely commits to social or environmental responsibility will attract customers and employees who share those values.

And who will be sufficiently connected and enthusiastic to be advocates. With feel-good eco-credentials like these, spending a Sunday afternoon assembling an IKEA flat pack seems more a pleasure than a chore when the product comes from such a reputable brand. Positive feelings can be excitement, fun, peer approval, security, trust, self-respect. A brand that can maintain positive judgments and feelings is onto a winner.

For example, the Apple iPad: did you think you needed one before you saw one and appreciated its capabilities? This is powerful, yet the most difficult aspect of brand equity to attain and maintain. Customers have formed a psychological bond and feel attached to your brand and make repeat purchases. They may feel part of a community with fellow consumers and act as your brand ambassadors by engaging in social media chats on Twitter, Facebook and Instagram, online forums and even events.

Brand equity connection that borders on customer evangelism is valuable. There are three core brand equity drivers that you need to track: financial, strength and consumer metrics:. See how you can measure and improve brand equity with Qualtrics. Book a demo.

Brand Equity. Market Segmentation. Brand Experience. Brand Awareness. Brand Perception. Just a minute! It looks like you entered an academic email. This form is used to request a product demo if you intend to explore Qualtrics for purchase.

There's a good chance that your academic institution already has a full Qualtrics license just for you! Make sure you entered your school-issued email address correctly. Qualtrics Support can then help you determine whether or not your university has a Qualtrics license and send you to the appropriate account administrator. Follow the instructions on the login page to create your University account.

If your organization does not have instructions please contact a member of our support team for assistance. Customer Experience. Employee Experience. Make is easy for customers to give their feedback. This will help you understand your brand's strengths and weaknesses , as well as the opportunities for growth and what to avoid.

Understanding brand equity is important, no matter what stage your business is at. Written by Shweta Jhajharia is principal coach and founder of Growth Idea. She has been recognised by external bodies and industry panels as the top business coach in the UK through. To find out more, see our FAQs. When every project is a priority, you need all hands on deck Cut budgets and boost productivity without compromising on quality.

Expert content Four ways to improve your brand equity Why your business needs a marketing avatar. Ten ways to build a brand for your small business. Quality marketing materials on a budget. How to brief a creative team. Browse topics: Marketing strategy Your marketing plan Your target market Product development Marketing recruitment and management The site encourages users to be active in reviewing products and communicating with sellers to ensure they get exactly what they need - rather than just making a sale.

When choosing between immediate transactional value and the needs of the customer, they choose the customer. Amazon understands that taking this long-term approach to customer experience will have a better impact on the bottom line. Social media is also a great way to get face time, so to speak, with your actual consumers. For example, Nike has a dedicated Twitter page NikeSupport to respond to consumer needs 24 hours a day in seven languages.

This provides insight into where your brand may be missing the mark, which can then be used for optimizations. Brand equity has a direct correlation to profitability.

At the same time, they may perceive Claritin to be more effective than the generic store brand, even if the ingredients are nearly identical. This is because Claritin has invested heavily in brand equity.

Once your brand equity is established, customer loyalty will follow. This will allow for a high customer retention rate and will translate into profitability for years to come. Brand equity can seem like and abstract concept that is difficult to measure or quantify.

Depending on the goals of your branding efforts, there are multiple methods that can be used to measure equity through brand tracking efforts. These studies focus on either business impact metrics - retention, conversions, price - or consumer impact metrics such as consumer research, sentiment analysis, etc. A good way to measure product value is to compare a generic product with the branded product.

In the case of soap, Unilever can measure if women were more likely to purchase Dove over the store brand. Additionally, you could consider what users potentially prefer, such asCoca Cola compared to Pepsi, for example. Conducting a brand audit can also help you get a better understanding of how your brand is performing.

To begin a brand audit, review comparison sites, social channels, and web analytics. Pull this data together to see how consumers are talking about you and if this is inline with the vision for your brand. By creating positive associations with your products, you can shape how customers think about your brand. The model is based on a hierarchy of brand equity that begins with a brand establishing their identity and differentiation, and is fully realized when the brand establishes resonance and connection with target consumers.

By understanding where your brand is in the pyramid, you can get a better idea of how much brand equity you have, and what the next steps should be to further establishing your brand in the consumer conscious. The steps consist of:. Although not as quantifiable, mapping consumer perception to your brand is also an important aspect of understanding brand equity. There are a few brands that stand out as those who have arguably mastered positive brand equity. These brands have achieved consistent, identifiable design, unaided awareness, and, in many cases, unwavering consumer preference over competitors.

In , John Sculley, a former executive at Pepsi who went to Apple, said to the Guardian, "People talk about technology, but Apple was a marketing company. It was the marketing company of the decade. This business should have been dead 10 years ago, but people said we've got to support it.

They buy why you do it. They had spent the majority of their time highlighting features for example: Gateway was certainly qualified to make flat screen TVs, but their new products never caught on with the public. Apple on the other hand focused on the brand and its relationship with the consumer. They dared consumers to challenge the status quo right alongside them, so when they introduced revolutionary products such as the iPod or iPhone, consumers were eager instead of confused.

Focusing on brand creates customer relationships and unties a company in a single direction. Nowhere is the emphasis on brand more prevalent than in the constant debate of Pepsi versus Coca-Cola. The Pepsi Challenge campaign in the s forced the Coca-Cola company to take a look at their product line in one of their marketing campaigns The Pepsi Challenge. Coke even sweetened their drink to try to meet consumer demand, but was faced with backlash.

Coca-Cola began focusing on its brand more so than the product. They emphasize how Coca-Cola brings families together using relationships and nostalgia i. Share a Coke campaign.